Australian start-ups supported by CSIRO fund

A new CSIRO Innovation Fund has been launched to support start-up companies in Australia.

The $200 million fund will commercialise early-stage innovations from CSIRO, universities and other publicly funded research bodies.

It was established as part of the Australian Government’s National Innovation and Science Agenda and will comprise $70 million in government funding, as well as $30 million in revenue from CSIRO’s WLAN program and additional private sector investment.

“We have aligned all the pieces — from market road maps that guide our science to address the most critical needs, to the ON sci-tech accelerator to help Australia’s scientists apply their science for national benefit — and now we have the Innovation Fund to invest in those ideas and reap the rewards of their success,” said CSIRO Chief Executive Dr Larry Marshall.

“It’s a virtuous cycle of investment in taking our best ideas from benchtop to beta to buyer.

“This clears the pathway for science and technology to navigate Australia’s future.”

The CSIRO Innovation Fund will be managed by an experienced team led by veteran venture capitalist Bill Bartee, who was appointed following an extensive recruitment process.

Bartee has an impressive track record in the venture industry, assisting the growth of disruptive, innovative companies.

Additional management team members are currently being recruited and will join Bartee in the first quarter of 2017.

“To ensure the best ideas have the greatest impact, we will back the most ambitious entrepreneurs who want to build important, enduring companies,” Bartee said.

“The Innovation Fund provides a fantastic opportunity to help ideas coming from accelerators and elsewhere realise their potential in the commercial market.”

The CSIRO Innovation Fund, along with ON, Australia’s national sci-tech accelerator, are key initiatives under CSIRO’s Strategy 2020.

Early-stage innovations supported by ON  include a non-invasive diagnostic test that can detect the presence of endometrial cancer; ultralow-gluten Kebari barley for the food and beverage industry; and a natural animal feed additive called FutureFeed that reduces methane emissions from cattle.

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